BUSINESS COURSE

(S Corporation, C Corporation, Partnership, Non-Profit)

BY Nicole Alston

 

S CORPORATION

 

  • Tax laws as they relate to S Corp election (Dates the election should be made and how to make the election)

  • Financial data needed to file the 1120s

  • How income and expenses are reported

Non separately stated – regular trade or business income/expenses

Separately stated – income/expenses reported directly to shareholders (K-1)

  • Credits available and how they are reported

  • How to calculate/compute Shareholder’s basis

  • Which forms and/or schedules may be required to file with the Form 1120S

 

PARTNERSHIP

 

  • Tax laws as they related to Partnership (Date the return is due)

  • Types of Partnerships ( General, LP, LLP, LLLP) The importance of choosing the correct type

  • How income, expenses, and credits are reported on 1065

Non-Separately stated

Separately stated

  • How to calculate/compute Partner’s Capital account

C CORPORATION

 

  • Tax laws as they relate to C Corporation (Date the return is due)

  • Current Tax Rate

  • Credits available and how to report them (Form 3800)

  • Which forms and/or schedules may be required to file with the Form 1120 (Schedules L, M-1, M-2, and M-3)

  • How income and expenses are reported

 

NONPROFIT

 

  • Tax laws as they related to Non-Profit Corporations (Date the return is due)

  • Types of Nonprofits Corporation (Non-Profit, Not for Profit)

  • Types of nonprofit tax forms (990N, 990EZ, 990)

  • Financial data needed to file 990 series

  • Different schedules that may be required to file with the tax return

  • How revenue and expenses are reported

  • Explanation of officers, directors, trustees, and key employees